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UK Audit Exemption - Common Shareholders

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Based in UK.  Have a client with 20+ companies which individually are small company exempt for audit purposes but if added together will require audit.  These companies are connected by common private individual shareholder ownership and NOT through a subsidiary/holding relationship.  Should the same rules of looking at subsidiary/holding companies as a total for audit exemption apply for common ownership too or is this structure a means of audit avoidance?  BTW the companies are all in the same business sector.

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By johnt27
09th Dec 2019 11:10

Common shareholders, if they are all individuals, aren't relevant for group purposes and as a result audit limits. Therefore, you've got 20+ small companies that would only require an audit if required by their articles or shareholders.

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